Vanuatu Introduces Strengthened Anti-Money Laundering Regulations for 2022
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The Government of Vanuatu has released its revised Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CTF) regulations for 2022. The updated rules are aimed at bolstering the country’s efforts in combating financial crimes.
Enhancing Effectiveness
The new regulations outline detailed guidelines on conducting customer due diligence, acceptable documents and evidence required, as well as prescribed templates for reports under the AML/CTF legislation. These revised regulations were designed to enhance the overall effectiveness of Vanuatu’s anti-money laundering regime.
Key Features
- Conducting customer due diligence
- Acceptable documents and evidence required
- Prescribed templates for reports under the AML/CTF legislation
The introduction of these strengthened regulations is seen as a significant development in Vanuatu’s ongoing efforts to combat financial crimes and maintain its commitment to global anti-money laundering standards.
Accessing the Regulations
The updated regulations can be accessed and downloaded from the official government website. The public is invited to review and familiarize themselves with the new rules, which come into effect on January 1, 2022.
Relevant Documents
- AML and CTF Amendment Regulation No. 153 of 2015
- AML&CTF (Amendment) Regulation No. 2 of 2015
- AML&CTF Regulation Order No. 122 of 2014
Implementation Date
The new regulations will come into effect on January 1, 2022.
Conclusion
The introduction of these strengthened regulations is a critical step towards maintaining Vanuatu’s reputation as a stable financial hub in the Pacific region. The public is encouraged to review and familiarize themselves with the new rules to ensure compliance with the revised AML/CTF regulations.